how we read the water
Signals
A signal is a kind of reading, not a single event. Here is the catalog: what each one is, why it matters, and where it can mislead you. Honesty about limits is the point.
liquidity readingLiquidity TideFresh capital flowing into a protocol's pools.liquidity readingLiquidity DrainCapital leaving a protocol's pools.peg readingPeg StressA stablecoin drifting from its anchor.chain readingChain Share ShiftLiquidity migrating between blockchains.liquidity readingCategory RotationMoney moving between sectors of DeFi.fee readingFee SurgeA protocol suddenly earning far more than usual.dex readingDEX Volume SurgeA trading venue turning over far more volume than its own recent pace.yield readingYield DistortionA pool paying more yield than its depth has answered.leverage readingLeverage TideOpen interest building or unwinding against a venue.narrative readingNarrative SpikeA large Farcaster harbor speaking over a chain that is already moving.